SATS’ net profit up 8.5% to $47.1m in Q1

On back of lower expenses.

In-flight caterer and gateway service provider SATS Ltd reported that its net profit grew 8.5% year-on-year to $47.1m in the first quarter, mainly on back of lower expenses and higher profit contributions from overseas associates and joint ventures.

Operating expenses dropped 5.7% to $372.9m, while share of profit from associates grew 23.1% to $12.8m.

The group reported an earnings per share of 4.5 cents in the first quarter.